Baby Boomer (1946-1964)

“A popular rule of thumb is that you’ll need about 80% of your pre-retirement income to maintain your current lifestyle. Unfortunately, Social Security benefits supply only about half of that if you’re an average earner.”

Half of all married couples over the age of 65 today will have a spouse that reaches the age of 95

Couple Ready for Retirement Reviewing their Portfolio

Retirement Income

The three legs on the stool of retirement income are known to be pension income, social security income, and personal investment income. Not all Americans are entitled or have access all three of these, which means we as advisors usually have to make a substitution to ensure plan stability. This requires a comprehensive needs analysis which enables us to construct a proposal that highlights the strengths, weaknesses or limitations plan circumstances may present. As an independent RIA, we don’t have the limitations many franchise firms may have in product or investment offerings. A prudently designed retirement income plan is crafted to client spec with a central focus on flexibility and durability. When we partner with our clients, we have a shared interest in the longevity of their plan. We tell our clients on day one: this is a business of variables and we aren’t doing our jobs if the product we provide isn’t a durable one.

Medicare & LTC

One of the biggest expenses retirees don’t account for in their ladder years is healthcare costs. A retired 65-year-old couple can anticipate health care costs of $275,000 out-of-pocket, according to Fidelity Investments. Your needs will vary greatly depending a number of factors including what state you reside, health status and family history, but there is one constant: it is an expense that can add tremendous stress to your retirement security.

LTC costs in our home state of Connecticut are astronomical; an average of about $130,000 p/year to be exact. To add to that, only about 8% of baby boomers have purchased some kind of LTC insurance. These alarming statistics are just some of the reasons that individuals and families need to know the options available to them to possibly mitigate this potential burden. There are many tools an advisor with advanced knowledge can present, but it’s on you to start the conversation.

Risk Management

Assessing risk later in life is an essential part of your retirement and estate plan. There are often many discussions that need to take place about the options available to individuals and families, and a comprehensive risk analysis can give our team an idea of the extent of mitigation necessary, or in some cases, the opportunity to utilize advanced leveraging strategies. Although there are many angles and niche solutions than a skilled advisor can implement, the most important thing you can do is not let another day or week pass before you initiate a dialogue. Mitigating risk only gets more expensive as you get older.

Estate and Wealth Transfer

Whether your estate plan revolves around creating multi-generational family wealth, or is philanthropic in nature, we have a solution for you. As is our policy across all of the services we provide, it is essential that that we educate you and your family on the fundamentals of wealth transfer and distribution before piecing together a strategy. Estate planning is often ripe with legislative and actuarial risk, and it is our job to help you make the right decisions in fulfilling your wishes both during, and after life. Make sure your estate considerations are in alignment with the rest of your plan today.

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